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As of September 19, 2020, nearly 400,000 fewer homes were listed compared to last year, resulting in a 39% reduction in U.S. housing inventory. This scarcity has accelerated home prices, which rose by 11.1% year-over-year, with homes selling 12 days faster on average than in 2019. Realtor.com®'s Housing Market Recovery Index indicates a stronger market, now at 107.2 points, compared to pre-COVID levels. Despite these improvements, the number of new listings is down 15% from last year, leaving the market tight, especially with the ongoing challenges from the pandemic.

Home buying challenges intensified as home price growth soared to an 11% increase, the highest in two years, and inventory dropped by 39% year-over-year, according to realtor.com's Weekly Housing Report for the week ending Sept. 12. Natural disasters, including wildfires and hurricanes, contributed to a 17% decline in new listings. The Housing Market Recovery Index fell to 107.4 points, indicating a slight weakening but remaining 7.4 points stronger than pre-COVID levels. Fast home sales are now the norm, averaging just 54 days on the market.

Realtor.com^® has appointed Chris Patalano as its new chief technology officer, effective immediately. Patalano, who previously led engineering at Pandora and SiriusXM, will define the company's strategic technology roadmap. He aims to optimize realtor.com^®'s technology infrastructure and innovate consumer experiences. CEO David Doctorow expressed excitement about Patalano's expertise, expecting him to enhance the company's competitive edge in the real estate technology space. This hire concludes a series of leadership changes aimed at differentiating the company in the industry.

The August Monthly Housing Trends report from realtor.com® reveals a robust housing market, with the median listing price reaching a record $350,000, a 10% increase from last year. Home inventory decreased by 36% year-over-year, leading to heightened competition among buyers. Averaging 56 days on the market, homes are selling 5 days faster than in 2019. Notably, 49 of the 50 largest metro areas experienced price gains, with Philadelphia seeing the highest increase of 18.6%. Despite the surge in prices, demand continues to exceed supply, hinting at sustained buyer interest.

In realtor.com®'s Weekly Recovery Report for the week ending Aug. 22, 2020, home sales are accelerating, with properties selling nine days faster than last year. Despite a 37% drop in national inventory, buyer demand remains strong, creating a seller's market characterized by bidding wars. The Housing Market Recovery Index rose to 106.6, indicating growth above pre-COVID levels. Notably, median listing prices increased by 10.3% year-over-year, marking the fastest growth since January 2018. However, new listings fell by 13%, indicating potential challenges for future supply.

Realtor.com has integrated flood risk information for properties available for sale and off-market, utilizing data from the First Street Foundation. This innovative feature, which rates flood risk on a scale from 1 to 10 over a 30-year mortgage, aims to empower consumers by providing essential insights into flood zones. The model is based on extensive research and collaboration with over 80 experts. Homebuyers can now access this data to make informed decisions, potentially avoiding surprises during the closing process. The flood risk information is accessible on realtor.com across web and mobile platforms.

The New York Post has announced a new partnership with Jalen Rose, media personality and NBA icon, to launch a multi-platform content program called The Renaissance Man. This program will debut in fall 2020 and include a weekly column, video series, and podcast, covering topics such as sports, entertainment, and healthy living. The partnership aims to engage the Post's audience of over 100 million and deliver innovative content. CEO Sean Giancola emphasized Rose's influence and experience, while Rose expressed excitement about celebrating culture through this collaboration.